RaboDirect fund exec finds new host

Former RaboDirect key account investments manager, Michael Courtney, has followed the group’s funds across to the Wellington-based Implemented Investment Solutions (IIS).

Courtney, who looked after the now-closed RaboDirect managed funds business, will join IIS in a new role as head of fund hosting on April 23.

IIS direct fund investing business, InvestNow, bought the RaboDirect fund assets last year in a deal that has seen over 90 per cent of the platform’s client base (and more than $100 million) transition to the new provider.

RaboDirect parent, the NZ branch of Dutch giant Rabobank, struck the agreement with InvestNow last year to focus on its core business in the agricultural lending sector.

Anthony Edmonds, IIS managing director, said Courtney would be responsible for managing the firm’s growing stable of ‘fund hosting’ clients. As a licensed managed investment scheme manager, IIS provides the legal and reporting overlay on top of a number of offshore domiciled funds.

He said Courtney’s “knowledge and experience” as well as his CFA qualification would be valuable for the expanding IIS business activities.

In a statement Courtney said: “I am excited to work with the current fund hosting clients of IIS and to look at opportunities to grow this part of the business.

“I am also looking forward to working with Mike Heath [InvestNow general manager] and Anthony on adding value to InvestNow, leveraging off the work I have done in this area in my time with RaboDirect.”

Heath headed the RaboDirect funds business when it launched in 2005.

While the pioneering RaboDirect direct funds service officially shutters this week, the online business will continue to offer term deposit and savings accounts.

Last October Rabobank NZ chief, Daryl Johnson, said in a statement: “As a fundamental part of Rabobank’s overall business in New Zealand, RaboDirect will continue to play a key role in raising deposits for Rabobank to lend to our clients in the food and agribusiness sector.”